Keiana J.

asked • 12/09/15

Mark invests $6,000 in an account.

Mark invests $6,000 in an account. How long will it take for the investment to double if the annual interest rate is 5.5%, compounded monthly. Round the answer to two decimal places

1 Expert Answer


Eric C.

Correction: this is the compound interest formula, not the simple interest formula. Sorry about that.


Still looking for help? Get the right answer, fast.

Ask a question for free

Get a free answer to a quick problem.
Most questions answered within 4 hours.


Find an Online Tutor Now

Choose an expert and meet online. No packages or subscriptions, pay only for the time you need.